NMC/USD Technical Analysis: Namecoin sets new 2014 low

Namecoin (NMC) remains stuck in an 8-month slump. It is currently trading at $1.45 on BTC-e, its most popular venue

Namecoin (NMC) remains stuck in an 8-month slump. It is currently trading at $1.45 on BTC-e, its most popular venue for exchange.

Since peaking at $13.50 in late November, the coin has gradually lost value without a significant reversal in fortunes. From its peak, it has shed nearly 90%. In terms of market cap, it has gone from nearly $100 million to $14 million, despite a vast increase in coin count during the interim. It now ranks 9th, 6th among mineable currencies.

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Unlike many altoins, Namecoin experienced its heydey in late November simultaneous with the great run-up in crypto prices, including Bitcoin and Litecoin. It is a mature altcoin, one of the few which existed in mid-2013; most other alts peaked during January-February of this year. As the speculation bubble burst at the beginning of December, Namecoin was dragged down and has not recovered since.

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NMCUSD- Aug 10

In crossing over 2.5 mBTC, it officially set a new low for this year. To find any reasonable support, you have to go back to the pre-November run-up days, when it held its round at 1.5 mBTC.

With the continued gradual losses, it maintains a 15% offset from its 50-day moving average, now $1.70.

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